under $300,000 in Hoboken
Published Aug 2, 2008 by Judy Marciano | E-mail this post
As a result of my listings at 128 Madison Street in Hoboken (7 one bedroom condo conversion), I am meeting a lot of first time buyers who are looking for property for under $300,000. I have seen all that is available in this range and it's not pretty. While doing a search on the Hudson County MLS, there are only 7 units for sale that are under $300,000.
Since there are only 7 units, I can talk in more detail about what is available and I actually have had the opportunity (if you can call walking up 4 or 5 flights of stairs in a few places in 90 degree weather) to see most of them. Of the 7 units, 4 are located on the first floor, 1 is in a basement, one is a 4th floor walk-up and the last one is a 5th floor walk-up.
They range in size from 350 sq ft for a studio on 1st & Willow in a 4th floor walk-up for $259,900 to 825 sq ft for a one bedroom basement apartment on 7th & Jefferson for $299,000. Monthly maintenance ranges from $110 to $300. Annual taxes range from $2142 to $3514. Of these 7 units, 4 are one bedrooms and 3 are studio's.
At this point, if you think you want to buy something in Hoboken for under $300,000, my suggestion is to keep searching, save some more money and try to buy something in a slightly higher price point. You actually have much more to choose from if you search in the $300,000 to $350,000 price range. When you are buying a place, it's a huge step & major investment, no matter if you are spending $500,000 or $299,000. Keep in mind that you most likely won't be staying in this first apartment for many, many years and will at some point sell it and move up to something bigger. So don't forget to think about "re-sale" when you are looking to purchase, does it have the qualities that will make it desirable to the next buyer??